Condo Insurance – Optional Coverage Types

Learn about some optional coverage types that will protect your condo and the possessions you store inside of it. The additional types of coverage will protect your property from theft, natural disasters, and vandalism.

Replacement Cost Coverage

A standard policy will protect your possessions and factor in their depreciation. Replacement cost coverage provides additional coverage that a standard policy does not. It will pay for the full cost of replacing any stolen or severely damaged belongings.

Vacant or Unoccupied Coverage

If you don’t plan on staying in your condo on a consistent basis, you can benefit from adding vacant or unoccupied coverage to your policy. This type of coverage will protect your condo when you are not present.

If someone breaks in, your coverage will pay for repair costs. If your condo is damaged during a natural weather event, the coverage will pay for renovation costs.

Water Damage Coverage

Water damage coverage will protect your condo if its plumbing system backs up. The coverage will include replacement materials, labor, and other essentials needed to restore the condo to its original state.

Inspection and Assessment

Conduct an inspection and assessment first. An inspection of your condo will help you determine the level of coverage you need, and an assessment of how you use your living space will also help you pinpoint the type of condo insurance you need.

Agent Consultation

Review the optional coverage types that we offer at Leo Insurance Group. Then, contact one of our agents who serve Las Vegas, NV. The insurance agent will add the optional types of coverage to your current condo insurance policy.

Are You Required to Have Condo Insurance?

If you purchase a condo, it’s important to know which insurance coverage the building provides and which coverages you need to provide. In most cases, a condo building requires you to have insurance coverage on the interior spaces of the condo. If you would like to learn more about condo insurance, please contact us at Leo Insurance Group. We provide Insurance products and services for the residents of the Las Vegas, NV area.

Condo Insurance Coverage 

And most instances, condo buildings require you to provide insurance coverage for your interior and contents, while the condo building provides exterior coverage. If you would like to learn more about condo Insurance coverage, our agents can help you determine which policies suit your needs. Our goal is to provide each customer with the best policy options to meet or exceed their needs.

We carefully assess your individual situation to determine what type of coverage or level of coverage is adequate to meet condo specifications and adequately prevent loss. If you would like to learn more about how we can assist you with policy selection, don’t hesitate to contact us. We can not only provide support with selecting a policy, but we can also provide you with assistance for any changes during the lifetime of the policy or claim submissions.

Reach Out Today 

If you would like to get answers to questions or assistance with policy selection, please call or stop by the office of Leo Insurance Group, which probably serves the residents in and around the Las Vegas, NV area. Don’t risk losses as a result of inadequate or missing condo insurance coverage. We are here to work with you to help you get the insurance coverage that provides peace of mind.

How much condo insurance do I need?

With the rise of condo living in the Las Vegas, NV area, we at Leo Insurance Group are often asked: how much condo insurance do I need? The answer depends on a variety of factors, including the type and size of your condo, as well as any additional coverage you may need. 

Condo Insurance: The Basics

The basic rule of thumb is to get enough coverage to cover both your personal belongings and your liability risk. To determine the right amount for you and your needs, it’s important to review the terms and conditions of your condo association agreement. Your agreement should provide information about what types of losses are covered by the association policy and what amount of coverage is required for each item. 

Once you have reviewed the agreement, you can then calculate how much additional coverage is needed to cover any gaps in coverage. This additional coverage could cover anything from damage caused by natural disasters or accidents to theft or vandalism. Depending on where you live and other factors such as whether you rent out your unit or use it as a short-term rental property, there may be other types of insurance that you should consider adding on top of basic liability protection. 

Taking into account these considerations will help ensure that all of your possessions are covered in case unexpected events occur. For example, if a fire were to destroy all of your belongings inside the condo unit, having adequate insurance would make sure that they are replaced at no extra cost to you.

It pays to review all options when considering how much insurance is necessary for your particular situation—and talking with an experienced agent can help make sure that all angles are taken into consideration when determining the best amount for you.

Contact Us Today

For more information, call Leo Insurance Group today. We serve the Las Vegas, NV area.

Do I need to do a home inventory of my condo?

Owning a condo in Las Vegas is a dream come true. Once you have accomplished your dream, it is hard to imagine anything happening to shatter that dream. Unfortunately, bad things do happen and when you have to file a claim with your insurance company it is never fun. But it can be easier if you have a home inventory. At Leo Insurance Group in Las Vegas, NV, we are a full-service independent insurance agency with an experienced team to help you with all your insurance needs. 

If your condo is damaged, and you lose some or all of your possessions, you will be asked to provide some proof of what you had prior to the damage. In this type of situation, you may be rather traumatized by what has happened to you and trying to remember all the things you had before it happened. Not to mention the time trying to reconstruct everything from memory. 

Filing a claim isn’t easy or enjoyable, but it can be less stressful if you have an inventory you did prior to the damage. You can document every room with pictures and a written list. Look in every drawer, closet, and cabinet. Take pictures especially of more expensive items. Attach sales slips or invoices to the page for that room. Give as much detail as possible. 

For larger items like appliances and electronics, include brand, model, and serial number. If you have jewelry, art, or antiques, having an appraisal is important to prove the value. Once your inventory is complete, place it in a safe place where you will be able to safely access it when your condo is damaged.

You don’t need to have an inventory but having one will save time and effort in the event you file a claim. Contact Leo Insurance Group in Las Vegas, NV to learn more about condo coverage.